Kostas_matak
Returning Member

Property that was owned prior immigrating to USA

Hello everyone,

I have been owned a property in a foreign country before I immigrated to USA. Do I have to report the property or the value of the property on any forms? if so, what forms do I have to use?

I read online that if I sell this house in the future I will have to pay capital gains. The cost basis of the property the article was saying that it is the actual value of the house the date that I moved to USA.  You pay capital gains from the difference of the price that you sold the house minus the cost basis.

Please help

Thanks